|01-11-2019 07:36 PM CET - Business, Economy, Finances, Banking & Insurance||
Prepaid Card Market Is Driven by Factors Such as An Increase in Awareness and Ease-Of-Access to Prepaid Cards, a Large Number of Internet Users, The Boom in The E-Commerce Industry, and Growth in Demand For Cash Alternatives.
Press release from: Allied Market Research
A prepaid card is a payment card where funds are connected directly to a card without being linked to a bank account. Prepaid cards are available to everyone, regardless of credit rating, income, or whether someone holds a bank account. These cards are a substitute to traditional bank accounts, and are a new way of managing money. These cards are widely used in retailer stores, e-commerce, and others. These were primarily introduced to cater to the unbanked population and individuals with limited access to bank services.
A new report published by Allied Market Research, titled, Prepaid Card Market by Card Type (Single-Purpose Prepaid Card, Multi-Purpose Prepaid Card), Usage (General-Purpose Reloadable Card, Gift Card, Government Benefits/Disbursement Card, Incentive/Payroll Card and Others), and Industry Vertical (Retail Establishments, Corporate Institutions, Government & Financial Institutions, and Others)-Global Opportunity Analysis and Industry Forecast, 2014-2022, projects that the global prepaid card market is anticipated to reach $3,653 billion by 2022, registering a CAGR of 22.7% from 2016 to 2022. Europe dominates the global market in terms of revenue, accounting for more than 49.1% share of the global market, followed by Asia-Pacific.
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Higher preference of prepaid cards to bank account cards has attributed to cost-effectiveness and flexibility. Moreover, increase in awareness and convenience of these cards enhance the adoption of prepaid cards. Furthermore, emerging applications & acceptance of these prepaid cards for various transactions and increasing popularity among individuals traveling abroad are expected to boost the market growth in the future.
Prepaid cards are widely used across various industry verticals such as corporate institutions, retailers, government, and financial institutions. Presently, factors such as increase in awareness & ease of access and surge in the number of internet users & booming e-commerce industry drive the market growth. Moreover, growth in unbanked and underbanked population and emergence of new applications are expected to present lucrative opportunities to market players.
The market is expected to grow at a significant rate in Europe and Asia-Pacific, owing to increase in demand for cash alternatives, rise in adoption of prepaid cards in retail establishments & government sectors, and widespread awareness of the benefits of prepaid cards among the populace. The prepaid card market in Europe is driven by rise in demand for smart cards and increased adoption of prepaid cards for easy payment.
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Other developing and emerging regions, such as Asia-Pacific, Latin America, and Africa, are expected to grow during the forecast period, owing to increase in demand for electronic payment and growth of unbanked & underbanked population. Countries such as Japan, China, and India dominated the global prepaid card market in the Asia-Pacific region during 2015-2016. India is one of the emerging markets in the Asia-Pacific prepaid card market, accounting for 8.0% of the Asia-Pacific prepaid card market. It is estimated to register the highest CAGR of around 37.2% from 2016 to 2022
Single-purpose prepaid card segment dominated the global prepaid card market in 2015, and is expected to maintain this trend throughout the forecast period. However, Multi-purpose prepaid card segment is expected to witness significant growth in the future, owing to the easy of accessibility and flexibility.
The general-purpose reloadable card segment is projected to maintain its dominance in the global prepaid card market, as these cards are used across various industry vertical such as financial institutions, government, and others. Moreover, gift card segment is expected to grow, as it is commonly issued by vendors or banks for use as an alternative to cash for purchases at particular stores or related businesses.
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The major players profiled in this report include American Express Company, Visa Inc. Mastercard Incorporated, PayPal Holdings, Inc., Kaiku Finance, LLC., The Western Union Company, Green Dot Corporation, NetSpend Holding Inc., JP Morgan Chase & Co., and AccountNow Inc. to The major players profiled in this report include Green Dot Corporation, NetSpend Holdings, Inc., H&R Block Inc., American Express Company, JPMorgan Chase & Co., PayPal Holdings, Inc., BBVA Compass Bancshares, Inc., Mango Financial, Inc., UniRush, LLC, and Kaiku Finance LLC.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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